Ledyard,
CT 8/18/09 - If you died tomorrow, how would your loved
ones fare financially? It’s not a pleasant scenario to think about, but not
doing so can have serious consequences. September is Life Insurance Awareness
Month, and Will and Bridget Morrissey with
Mystic Shore Financial Group are asking people to think about
their life insurance needs to ensure their families would be adequately
protected if the worst were to happen.
”The fact is, most Americans need life
insurance,” says Will Morrissey. “If
someone depends on you financially, you need life insurance. It’s that simple.
Unfortunately, nearly 70 million adult Americans have no coverage at all, and
most of those who do have far less coverage than financial experts recommend.”
Life insurance, Bridget Morrissey points out, provides cash to your family after
your death. Known as the death benefit, it can help your family pay for the
funeral and other final expenses, eliminate credit-card balances and car loans,
and provide loved ones with income to live on for a period of time.
Whether a person needs life insurance depends
on his or her particular situation and financial objectives. For help
determining if you need life insurance, Bridget
describes why coverage needs to be an important consideration for each of
the following six scenarios:
You’re
Married. Married people share a life with one another, but also
share financial obligations. If you died suddenly, would your surviving spouse have
enough money to pay for your final expenses and buy time to adjust to a new way
of life? Life insurance can help ensure that these financial goals will be met.
You’re
Married with Kids. Having kids is the most obvious reason to
own life insurance. If you and your income were suddenly gone, would your
spouse and kids be okay financially? Life insurance replaces lost income to
help make sure those who depend on you will be provided for, no matter what
life throws your way.
You’re
a Single Parent. As a single parent, you're the caregiver,
breadwinner, cook, chauffeur, and so much more. You need to make doubly sure
that you have safeguarded your children’s future in case you are no longer
there to care for them. Make sure you have enough life insurance and designate
who will take care of your children in case the unthinkable were to happen.
You’re
a Stay-at-Home Parent. Just because you don't bring home a
paycheck doesn't mean you don't make contributions to your family that would be
expensive to replace. If you were no longer there, could your spouse afford to
pay someone to provide the childcare, transportation, cleaning, cooking and
other household responsibilities that you handle everyday?
You’re
Approaching Retirement. The kids may be gone and the mortgage
paid off, but that doesn't mean Social Security or your savings will
necessarily take care of everything that lies ahead. If you died tomorrow,
would your financial strategy, without insurance, enable your spouse to
maintain the lifestyle that the two of you worked so hard to achieve?
You’re
a Small Business Owner. Life insurance can help protect your
business in a number of ways in the event you, your partner, or a key employee
dies prematurely. A buy-sell agreement funded with life insurance allows
surviving business owners to buy the company interests of a deceased business
owner at a previously agreed-on price. Key-person insurance can provide
business owners with the flexibility to hire a replacement when the key
employee dies.
“Life Insurance Awareness
Month is the ideal time for a life insurance review,” Will Morrissey. “I urge everyone in the Greater Mystic Area to take a few
minutes out of their busy schedules this month to make sure their families
would be okay financially if the worst were to happen.”
About Life Insurance Awareness Month
Held each September, Life
Insurance Awareness Month is an industry-wide effort that is coordinated by the
nonprofit Life and Health Insurance Foundation for Education (LIFE). The
campaign was created in response to growing concern about the large number of
Americans who lack adequate life insurance protection. For more information on life insurance, visit LIFE’s website
at www.lifehappens.org.
MYSTIC SHORE FINANCIAL GROUP,
INC. offers the best employee
benefit plans for your company. From major medical plans to
retirement plans, our team of professionals will help find the best solutions
and premiums for your employees. Our goal is to provide you with the
proper insurance coverage at the right price. We are in the business of making
sure you have the insurance and retirement security you need in today's
complex and constantly changing world.
Bridget A. Morrissey is the founder and CEO of MYSTIC SHORE FINANCIAL
GROUP, Inc. Licensed in Connecticut and Rhode Island for Health and Life
Insurance, Bridget represents Anthem, Aetna, Connecticare and is affiliated
with The Chamber Insurance Trust specializing in Benefits Communications.
William T. Morrissey, CAS, is a Certified Annuity Specialist and an IRA
distribution expert. Will attended the University of Notre Dame and received a
B.A. in Economics. He is past President of Pier 76 Marina in Westbrook, CT, and
has served as Chairman of the Board of the Connecticut Marine Trades
Association, Chairman of the Westbrook Economic Development Commission, and is
presently Chairman of the Covenant Shelter in New London.